Shri Jyotiraditya Madhavrao Scindia, the Minister for State for Commerce and Industry, led a delegation of officials, CEOs and other business delegates to Bogota, Colombia during 6-7 July 2012.
Bilateral Investment Promotion and Protection Agreement (BIPPA) between the two countries, which came into effect on June 25, 2012, was welcomed by both leaders. Mr Scindia urged the Colombian minister to expedite the ratification of the Double Taxation Avoidance Agreement (DTAA) from the Colombian side as such measures will help build the investor’s confidence on both sides.
The Colombian Minister Dr. Hart stated that enhancing economic engagement with India is a priority of the Colombian Government and he expects the Colombian Parliament to ratify the DTAA by this year end.
Colombia is quite rich in natural resources such as Petroleum, Coal , Minerals and India needs such resources to sustain its high growth rate. On the other hand, India’s strength and expertise in IT, Manufacturing, Pharma, Biotech and Railway construction can help improve Colombia’s global competitiveness.
An MoU signed between the two countries for cooperation in Geology and Mineral exploration also figured in the discussion.
On July 7, 2012, the MoS unveiled a bust of Gurudev Rabindranath Tagore at Instituto Caro y Cuervo (Yerbabuena) in the Colombian capital. Addressing the audience, he recalled the vision of peace and fraternity brought forth by Gurudev through his works and stated that those values continue to have relevance and global appeal even today.